Norilsk Nickel's Complicated Revamp
Frustrates Minority Shareholders

MOSCOW -- RAO Norilsk Nickel is at the center of a corporate governance scandal that minority shareholders say has massively diluted their holdings.

Shares of Norilsk Nickel, the world's biggest palladium producer and a key nickel miner, fell 19% to $6.37 (7.51 euros) Wednesday as minority shareholders digested the details of a "reorganization" that they call a blatant expropriation of their property. Investors are furious that a series of contentious share issues and swaps were completed without their knowledge,...